ISPFCU held its 2013 Annual Meeting
Friday, June 28, 2013 at the Northfield Inn in Springfield,
Illinois. Members in attendance were informed of the current
financial state of the institution by the officials and management
staff of the Credit Union.
Chairman Jim Aggertt reported on the
tremendous volunteer base the Credit Union enjoys and the excellent
cooperation and communication between those volunteers and the
staff. Treasurer Terry Zeisset reported on the financial results
from 2012 and stressed that although it was a challenging year
ISPFCU remains financially strong and will remain that way into the
future. Chief Executive Officer Megan Becker gave detailed
information in regards to the challenges the organization faced as
well as an overview of key growth and statistical information from
2012. Chairman of the Election Committee Diane Grottola presented
the 2013 election results.
Preceding the conclusion of the Annual
Meeting officials and management staff held an open forum where they
addressed questions and comments from the members in attendance.
- Member mentioned the assistance
provided by CU staff in regards to separation of business and
- Member inquired about the percent
of loan losses due to the mortgage bubble. Staff responded that
the losses directly attributable to this event was very low due
to our consistent, conservative loan underwriting.
- Member asked the percentage of
Illinois State Police members versus non-ISP members. Staff
responded that we maintain a high percentage of ISP members in
relationship to our other member segments.
- Member asked if any non-Law
Enforcement individuals were eligible to join the CU. Staff
responded that our membership eligibility is limited to Law
Enforcement employees within the state of Illinois and their
- Member inquired about farm loans.
Staff responded that we currently don’t offer these types of
loans. However, we will continue to monitor the possibility of
adding these types of products if beneficial to our membership.
After the conclusion of the open forum
the members in attendance joined the officials and management staff
for lunch and a raffle drawing.